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Petrobras cuts investment plan

Petrobras cuts investment plan

Seeking to cut expenses and pay off its debt, Petrobras will invest 130 billion USD between 2015 – 2019, a decrease of 41% from what was initially planned for 2014 -2018. The oil company also reduced its 2020 production plan for oil and natural gas, lowering it from 5.3 millions to 3.7 per day. by…

Sinopec, Cnooc Said Readying Bids for Petrobras Field Stakes

Sinopec and Cnooc Ltd. are looking to buy Petrobras’ assets in the pre-salt offshore exploration  block. Other interested companies include Royal Dutch Shell Plc and Statoil ASA. by Cristiane Lucchesi, Bloomberg Business, July 01, 2015 Two Chinese companies that entered Brazil’s giant deep-water oilfields two years ago are now looking to increase their presence as state-run…

Argentina and China lead shale development outside North America in first-half 2015

In the last two years, Argentina and China have moved up the rank on oil and gas resources. Argentina has drilled more than 275 wells, producing 22,900 barrels per day and 67 million cubic feet per day of natural gas, this reported on April 2015. On the other hand, China has more than 200 wells…

Bolivia Announces New Oil Find, First One in 23 Years

Bolivia might have found it’s largest discovery in 23 years, an oil reserve equivalent to 28 million barrels located at a well on the country’s East side. The discovery made by YPFB Andina, requires an investment of $220 millions and is expected to generate an income of $1,700 million USD for Bolivia. by El Horizonte, June 18,…

Argentina’s oil output up yr/yr in April for first time in 2015

Argentina’s crude oil production increased for the first time and registered a growth of 3.6% in April 2015 in comparison to April 2014, for a total of 2.54 million cubic meters. by Eliana Raszewsk, Reuters, June 15, 2015 Argentina’s oil output rose in April thanks to increased production by state-controlled energy company YPF, the government…

African nations, Iran eye Venezuela oil blend project: PDVSA Chief

Countries in Africa are seeking to partner with Venezuela in order to compete against U.S. and Canadian supplies. The proposal, which includes Algeria, Angola, Iran, and Nigeria, intends to supply medium-grade crudes by combining African countries light oil and Venezuela’s heavy crude. By Nidhi Verma, Reuters, June 16, 2015 Algeria, Angola, Iran and Nigeria are…

Petrobras sets new records for pre-salt production

Brazil’s Petrobras set a new record last month when it reached 726,000 bopd of pre-salt production, an increase of 1.6% compared to April. Experts say that production increased due to a higher number of scheduled maintenance stoppages and the start-up of the early production system in Atapu field. by World Oil, June 15, 2015 Petrobras’…

YPF announces new Vaca Muerta shale gas find

YPF has found a new shale gas deposit at Vaca Muerta in the province of Neuquen. by James Perkins, Shale Energy Insider, June 08, 2015 Argentina’s state-controlled energy giant YPF has announced the discovery of a new shale gas deposit in the Vaca Muerta region. The find in the southern province of Neuquén has led to…

Petrobras To Help Pemex Explore For Oil

In 2000, Pemex and Petrobras started conversations around a possible collaboration, now 15 years later, such collaboration might come to pass. On late May, Brazilian President Rouseff expressed her interest and offered technical support to Pemex. Although Petrobras is in the middle of a big scandal, it possesses great deep water expertise and Pemex, with  the…

Venezuela, Russia’s Rosneft agree on $14 billion oil, gas investment

Rosneft has agreed on investing $14 billion on Venezuela’s current and upcoming oil and energy projects.  According to President Nicolas Maduro, the funds will go towards increasing Venezuela’s oil production to target 6 million barrels a day by 2019. Rosneft strongly supports Venezuela, and believes that in case the U.S. and Canada’s shale production declines,…

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